by Miranda G. McLeod
Staff Writer
Heyward Cantrell has seen more than 35 years of ups and downs within the real estate industry. And now his two companies, Cantrell & Morgan and Cantrell Real Estate, are making a shift of their own — they’re expanding.
The staff of more than 20 have moved its offices from 121 Hogan St. to 200 W. Forsyth St. to accommodate the five new hires and the boom of clients.
Walking into the offices, appraisers and brokers are still unpacking boxes, finding wall space for personal mementos and organizing an all-but-simple operation.
On the left side of the office, it’s Cantrell & Morgan, brokers. On the right side, Cantrell Real Estate, which appraises commercial real estate, consults and provides asset management.
The majority of Cantrell Real Estate clients are litigation attorneys who need expert witness testimony regarding the value of property or diminishment of property value caused by breach of agreement, among other services.
Approximately 65 percent of Cantrell’s work in appraising revolves around litigation — 50 percent of that is done in Dade and Broward counties, as well as Palm Beach.
“We travel a lot,” said Cantrell.
Cantrell started in the business through a chance meeting with Tom King, formerly of the Charter Company, an international oil and real estate holding company. King invited Cantrell to Jacksonville, where he learned the mortgage business. In 1972, Cantrell departed from Charter and worked for Barnett Winston Company, a Real Estate Investment Trust. In 1980, Cantrell formed his own company, Cantrell and Weaver. Four years later, he formed the real estate arm which is now Cantrell Real Estate.
Cantrell’s specialty is complex commercial real estate and he’s created more than 25 commercial and residential projects that are valued in excess of $200 million.
One of Cantrell’s most challenging and rewarding projects was St. Vincent’s parking garage completed in 1988. The negotiations brought together St. Vincent’s Medical Center and individual physicians to build the DePaul Building at St. Vincent’s. The project was built on leased land and was financed with tax-exempt bonds. There was a limited partnership for physician investors and a joint venture between the hospital and physician partnership for the six-story parking garage.
The now-defunct process of using tax-exempt bonds is just one of the many things that have changed within the commercial real estate industry.
Cantrell said decades ago it was simple: If you had a financial statement and a decent idea you could likely get financing. Today it’s a little more complicated.
“Now, you have to have a very good financial statement and a very good idea to get financing,” he said.
Cantrell holds to the notion that real estate is tangible as a continual draw to the profession, that and a commission check.
“Every day is different and that’s what makes it exciting,” he said. “Whether it’s a new legal case or helping build something, the days hardly ever repeat.”
Cantrell said one of the biggest benefits to the two arms of his companies is their abilities to see the ins and outs of each other’s operations. However, he said, the two don’t conflict.
“We don’t appraise the same property we develop,” he said.
Chris Morgan is the president of the brokerage arm of Cantrell & Morgan. (Cantrell is the chairman and CEO). Morgan joined Cantrell Real Estate in 1999 in the brokerage division as director of sales. Cantrell & Morgan was formed in 2003. In addition to overseeing the operation of Cantrell & Morgan, his responsibilities include site acquisition, consulting services and client representation.
In 2003-04, Cantrell & Morgan was responsible for helping their clients negotiate $100 million worth of land sales throughout North Florida including single family residential tracts, condominium development parcels, commercial sites for gas stations, restaurants, banks and free-standing retail.
Morgan said he finds joy in the mediation process of complex negotiations, and likes the versatility in his workday.
“I love putting the parties together and finding the solution. I enjoy the challenge of the different personalities,” he said. “I couldn’t work in a normal career. I’m not a 9-5 guy.”
Morgan said it’s also the different personalities within the company that make it so successful. He said he surrounds himself with people that compliment his weaknesses.
“They’re there to accomplish the same goal,” said Morgan, adding the goal is to stay true to company integrity. “We’re not going to do anything to compromise our integrity. Our reputation is more important than a deal.”
Because the majority of Cantrell & Morgan’s clients are banks and law firms, both say Downtown Jacksonville is a great place to be.
“(Employees) can get their business done and come back to work. They can get a haircut, a shoe shine and go to a health club all within one block,” said Cantrell. “There’s lots of synergy.”